Slang announces third quarter results
Revenue for Q3 2021 was $10.1 million, compared with $7.9 million in Q3 2020. Upon the completion of the acquisition of High-Fidelity, Inc. ("Hi-Fi") in August 2021, the Company realized approximately $1.1 million in revenue during the third quarter of 2021;
SLANG's brands continued to earn market-leading positions in its Core Markets of Colorado and Vermont in the third quarter of 2021. Highlights include: O.pen ranked as the #1 vape cartridge in Colorado; Firefly Mini was the #6 and O.pen was the #5 disposable vaporizer in Colorado; Bakked was the #6 dabbable distillate in Colorado; District Edibles was the #12 gummy in Colorado; Pressies was the #6 pill in Colorado (Source: BDSA.)
Cash and cash equivalents of $3.5 million as of September 30, 2021 as compared to $9.7 million at June 30, 2021. September cash balance is inclusive of $5.0 million of transaction costs paid at closing of the HiFi acquisition;
In October, SLANG announced it will enter the new markets of West Virginia and Pennsylvania through its strategic partnership with Trulieve Cannabis Corp. ("Trulieve");
In November, Trulieve, Pura Vida Investments ("Pura Vida") and Seventh Avenue Investments ("Seventh Avenue") and certain other investors provided a term-loan financing for aggregate gross proceeds of $17.3 million USD;
In November, Drew McManigle was appointed Interim CEO and Chairman of the Board as part of an executive management transition to strategically reposition SLANG for profitable revenue growth.
